{"id":2823,"date":"2021-10-13T20:21:34","date_gmt":"2021-10-14T00:21:34","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2823"},"modified":"2025-07-01T20:22:38","modified_gmt":"2025-07-02T00:22:38","slug":"poly-pet-company-limited-9","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/","title":{"rendered":"Poly Pet Company Limited"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">Supporting Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">Strong market position as a leading plastic bottle manufacturer in Jamaica<\/li>\n<li data-mce-word-list=\"1\">Good operating efficiency underpinned by strong asset maintenance policies and practices<\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">Deteriorating financial performance<\/li>\n<li data-mce-word-list=\"1\">High intercompany balances have limited cash flow accumulation<\/li>\n<li data-mce-word-list=\"1\">Downside risks associated with significant sovereign risk exposure to Jamaica<\/li>\n<li data-mce-word-list=\"1\">Increasing trend to limit the use of single-use plastic bottles represents an industry risk<\/li>\n<\/ul>\n<p class=\"badge\">Rating Sensitivity Factors<\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">Factors that could, individually, or collectively lead to an improvement in the ratings and\/ or Outlook include:<\/span><\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">An increase in PAT of above 10% for 2 consecutive years<\/li>\n<li data-mce-word-list=\"1\">Improvement of the sovereign risk profile of Jamaica<\/li>\n<li data-mce-word-list=\"1\">2 consecutive years or net reductions in intercompany balances by 10% or more, leading to improved cash flows and cash balances for Poly Pet<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline; font-family: 'book antiqua', palatino;\">Factors that could, individually, or collectively lead to a lowering of the ratings and\/ or Outlook include<\/span>:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">A greater than 10% decline in operating revenue for 2 consecutive years<\/li>\n<li data-mce-word-list=\"1\">A decline in interest cover to below 2 times<\/li>\n<li data-mce-word-list=\"1\">A net increase in intercompany balances by 5% over the next 12 months<\/li>\n<li data-mce-word-list=\"1\">A deterioration in the Company\u2019s debt\/ TNW ratio to more than 2 times<\/li>\n<li data-mce-word-list=\"1\">Breach of covenants stipulated in the final term sheet\/prospectus for the bond offering<\/li>\n<li data-mce-word-list=\"1\">Inability to raise capital given the likelihood that the bond\u2019s principal at maturity would need to be refinanced in 2025<\/li>\n<li data-mce-word-list=\"1\">Changes in environmental laws and regulations towards reducing plastic use in Jamaica<\/li>\n<li data-mce-word-list=\"1\">Deterioration in the sovereign risk profile of Jamaica<\/li>\n<li data-mce-word-list=\"1\">Material deviation of Poly Pet\u2019s audited financial accounts for June 2020 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics<\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">COMPANY BACKGROUND<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Poly Pet Company Limited (Poly Pet or the Company) is privately-owned, limited liability, manufacturing company founded in 2006 and located in Kingston, Jamaica. The Company\u2019s primary manufacturing operations involve the production of high-density polyethylene (HDPE)<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a> and polyethylene terephthalate (PET)<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a> bottles of various sizes for household, beverage, and industrial use. The Company is owned by Anthony Brown (40%), Shane Brown (40%) (the current Chief Executive Officer), and Tamara Phang (20%).<\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">The Company holds a market share of approximately 70% of the plastic bottle manufacturing industry in Jamaica. Over 90% of the Company\u2019s customers are located across Jamaica, with a small distribution operation located in Barbados. Additionally, Poly Pet has successfully aligned itself with both local and international companies to provide complete packaging solutions including labels, boxes, and bottle caps. The Company is able also to design and manufacture bottles for its customers based on their unique specifications.<\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">In December 2020, the Company issued a 5-year J $1 billion senior secured bond. To date, the Company has received J $800 million from investors. The initial proceeds of the bond were mainly used to refinance its bank debt under more flexible terms and to fund additional Working Capital requirements (Table 1). The balance of J $200 million is expected to be sold to additional investors in the 2<sup>nd<\/sup> half of 2021 and will be used to purchase new machinery and equipment to expand the Company\u2019s product range and provide further working capital support.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<h5><strong><span style=\"font-family: 'book antiqua', palatino;\">Keith Hamlet<\/span><\/strong><\/h5>\n<h5><em>T<span style=\"font-size: 8pt;\">el: 1-868-627-8879 Ext. 229<\/span><\/em><\/h5>\n<h5><em>E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/em><\/h5>\n<p><strong><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\">\u00a0Maxwell Gooding<\/span><\/strong><\/p>\n<h5><span style=\"font-size: 8pt;\"><em>Tel: 1-868-627-8879 Ext. 229<\/em><\/span><\/h5>\n<h5><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:mgooding@caricris.com\">mgooding@caricris.com<\/a><\/em><\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">E-mail: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><span style=\"font-family: 'book antiqua', palatino;\">Disclaime<strong>r<\/strong><\/span><strong>:<\/strong> <span style=\"font-family: 'book antiqua', palatino;\">CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Strong market position as a leading plastic bottle manufacturer in Jamaica Good operating efficiency underpinned by strong asset maintenance policies and practices Constraining Factors Deteriorating financial performance High intercompany balances have limited cash flow accumulation Downside risks associated with significant sovereign risk exposure to Jamaica Increasing trend to limit the use [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2823","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Poly Pet Company Limited - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poly Pet Company Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING DRIVERS Supporting Factors Strong market position as a leading plastic bottle manufacturer in Jamaica Good operating efficiency underpinned by strong asset maintenance policies and practices Constraining Factors Deteriorating financial performance High intercompany balances have limited cash flow accumulation Downside risks associated with significant sovereign risk exposure to Jamaica Increasing trend to limit the use [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/\" \/>\n<meta property=\"og:site_name\" content=\"CariCRIS\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-14T00:21:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-02T00:22:38+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"headline\":\"Poly Pet Company Limited\",\"datePublished\":\"2021-10-14T00:21:34+00:00\",\"dateModified\":\"2025-07-02T00:22:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/\"},\"wordCount\":635,\"commentCount\":0,\"articleSection\":[\"Rating Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/\",\"name\":\"Poly Pet Company Limited - CariCRIS\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\"},\"datePublished\":\"2021-10-14T00:21:34+00:00\",\"dateModified\":\"2025-07-02T00:22:38+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-9\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Poly Pet Company Limited\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\",\"name\":\"CariCRIS\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\",\"name\":\"admin\",\"sameAs\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\"],\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Poly Pet Company Limited - CariCRIS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/","og_locale":"en_US","og_type":"article","og_title":"Poly Pet Company Limited - CariCRIS","og_description":"RATING DRIVERS Supporting Factors Strong market position as a leading plastic bottle manufacturer in Jamaica Good operating efficiency underpinned by strong asset maintenance policies and practices Constraining Factors Deteriorating financial performance High intercompany balances have limited cash flow accumulation Downside risks associated with significant sovereign risk exposure to Jamaica Increasing trend to limit the use [&hellip;]","og_url":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/","og_site_name":"CariCRIS","article_published_time":"2021-10-14T00:21:34+00:00","article_modified_time":"2025-07-02T00:22:38+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/#article","isPartOf":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/"},"author":{"name":"admin","@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967"},"headline":"Poly Pet Company Limited","datePublished":"2021-10-14T00:21:34+00:00","dateModified":"2025-07-02T00:22:38+00:00","mainEntityOfPage":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/"},"wordCount":635,"commentCount":0,"articleSection":["Rating Releases"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/","url":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/","name":"Poly Pet Company Limited - CariCRIS","isPartOf":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/#website"},"datePublished":"2021-10-14T00:21:34+00:00","dateModified":"2025-07-02T00:22:38+00:00","author":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967"},"breadcrumb":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-9\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/craftedcaribbean.com\/caricris\/"},{"@type":"ListItem","position":2,"name":"Poly Pet Company Limited"}]},{"@type":"WebSite","@id":"https:\/\/craftedcaribbean.com\/caricris\/#website","url":"https:\/\/craftedcaribbean.com\/caricris\/","name":"CariCRIS","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/craftedcaribbean.com\/caricris\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967","name":"admin","sameAs":["https:\/\/craftedcaribbean.com\/caricris"],"url":"https:\/\/craftedcaribbean.com\/caricris\/author\/admin\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/2823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/comments?post=2823"}],"version-history":[{"count":1,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/2823\/revisions"}],"predecessor-version":[{"id":2824,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/2823\/revisions\/2824"}],"wp:attachment":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/media?parent=2823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/categories?post=2823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/tags?post=2823"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/table_tags?post=2823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}